Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Estimated Useful Lives of Real Property Assets

Depreciation of our real property assets is charged to expense on a straight-line basis over the estimated useful lives as follows:

Description	Standard Depreciable Life
Land	Not Depreciated
Buildings	40 years
Site Improvements	7 to 10 years

Summary of Fixed Rate Debt Payable

The table below summarizes the carrying amounts and fair values of fixed rate debt instruments that are not carried at fair value as of September 30, 2024 and December 31, 2023. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of our fixed and variable rate debt was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (categorized within Level 2 of the fair value hierarchy). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value

amounts. As of December 31, 2023, we believe the carrying amounts of our variable rate debt are reasonably estimated at their notional amounts as there have been minimal changes to the fixed spread portion of interest rates for similar loans observed in the market, and as the variable portion of our interest rates fluctuate with the associated market indices. As of September 30, 2024, we did not have any variable rate debt.

	September 30, 2024				December 31, 2023
	Fair Value		Carrying Value		Fair Value (1)		Carrying Value (1)
Fixed Rate Secured Debt	$	102,950,000	$	105,047,699	$	131,800,000	$	135,840,497

(1)Includes the fixed rate Fayetteville JPM Mortgage Loan that was repaid on April 10, 2024 with the proceeds of the Fayetteville Mortgage Loan.

Schedule of Temporary Differences to Deferred Tax Effects

The major sources of temporary differences that give rise to the deferred tax effects are shown below:

	September 30, 2024			December 31, 2023
Deferred tax liabilities:
Depreciation timing differences	$	(135,592	)	$	(121,118	)
Other		—			(34,089	)
Total deferred tax liability		(135,592	)		(155,207	)
Deferred tax assets:
Net operating loss carryovers		6,505,289			6,007,314
Other		365,285			90,290
Total deferred tax assets		6,870,574			6,097,604
Valuation allowance (1)		(6,734,982	)		(5,942,397	)
Net deferred tax assets	$	—		$	—

(1)Full valuation allowance was applied as the recoverability of such net deferred tax assets was less than more likely than not.